Legal Details to Focus on in a New York Real Estate Transaction
Purchasing a home in New York can be an extremely exciting prospect, but it can also seem like there are a million different details that you need to consider. Although there are many other factors that go into a purchase, the legal aspect of buying a home requires an especially close eye for detail. If you take a more laid-back approach to this process, you may be left with a few nasty surprises after you move in.
Enlisting the help of a qualified real estate lawyer is the best way to ensure everything is in order before you commit to buying your home. These legal professionals know exactly what to look for, and they will guide you through the entire process while explaining key details along the way. With that said, here are some major details that you should focus on as you purchase property in New York.
Contingencies are important details in your purchase agreement. These are conditions that must be fulfilled before the purchase is complete. For example, a common contingency involves getting the house properly inspected before you continue with your purchase. An experienced inspector can find a range of potential issues of which you might be otherwise unaware. You can also establish a financing contingency, which enables you to legally back out of the deal if you fail to get a mortgage. Many buyers create purchase agreements with as many as five contingencies.
Understanding Local Regulations and Laws
You might also want to do some research into New York’s laws and regulations for homeowners. There may be special incentives for first-time buyers. At one point, New York was considering an “empty home tax,” which could impact your plans if you are purchasing property as an investment. It is best to speak with a legal expert who thoroughly understands all the potential implications of these laws and regulations.
Your real estate lawyer in New York will play a key role in transferring the title of the property to your name. This is not as simple as it sounds, and it requires an in-depth title search into local land records. You also need to make sure that one of the buyer’s distant relatives or a former spouse doesn not have any legal claim to the property. The last thing you want is for someone to show up out of the blue and claim that the buyer had no right to sell you the property in the first place.
Make Sure There are No Liens
Your lawyer will also make sure that there are no liens on your property before you commit to the purchase. A lien is essentially a debt that is associated with the property and not any individual. As the new owner of the property, you will inherit these debts. For example, the buyer may have refused to pay a plumber or an electrician, and these tradespeople may then put a lien on the house.
Getting Legal Help
According to New York’s laws, you are legally obliged to hire a lawyer to help you with a real estate purchase. Whatever happens, you will need to hire a lawyer, so you might as well enlist the help of a highly-qualified and proficient legal professional who thoroughly understands the ins and outs of real estate transactions. Reach out to the Glassman Law Group today, and we will make your real estate transaction go as smoothly as possible.